On Thursday night, the Senate passed a bipartisan bill to raise the debt ceiling and cap the federal government’s spending, sending the bill to President Joe Biden for a timely signature to avoid a United States government default that never happened.
The Senate vote on the bill, called the Financial Accountability Act of 2023, was 63-36.
The bill includes new spending limits in exchange for a two-year increase in the debt ceiling.
The deal was passed by the House of Representatives on Wednesday evening and is now due to go into effect on Monday, when the government is expected to no longer be able to pay all of its bills without borrowing more money.
Senators rushed to vote ahead of the weekend, even as a handful of frustrated lawmakers pushed for a vote on amendments that threatened to slow things down and weren’t passed because debate and a vote on them in the Senate would delay action. the hold will pass a period specified by the Treasury.
The deal was brokered by President Joe Biden, a Democrat, and House Speaker Kevin McCarthy, a Republican, after a long deadlock and hectic weeks of negotiations, with the United States on the brink of collapse.
President Joe Biden will address the nation on the bill at 7:00 pm ET Friday.
“America can breathe a sigh of relief. Because in this process, we avoid default,” said Senate Majority Leader Chuck Schumer, a member of New York State. “The consequences of non-compliance would be catastrophic.”
Senate Minority Leader Mitch McConnell, D-Kentucky, defended the bill as “an urgent and important step in the right direction—for the health of our economy and the future of our nation.”
Source: La Opinion
Alfred Hart is an accomplished journalist known for his expert analysis and commentary on global affairs. He currently works as a writer at 24 news breaker, where he provides readers with in-depth coverage of the most pressing issues affecting the world today. With a keen insight and a deep understanding of international politics and economics, Alfred’s writing is a must-read for anyone seeking a deeper understanding of the world we live in.